Plenty Unlimited Inc., a vertical farming company backed by notable investors like Jeff Bezos and Walmart, has entered Chapter 11 bankruptcy with over $100 million in assets and liabilities. The South San Francisco firm is aiming to either resell its assets or raise additional funds through a restructuring plan. Despite past successes in securing significant financial backing, economic pressures have led to operational changes, including the closure of its Compton facility. The company is now focusing on expanding its strawberry production in Virginia, responding to market demand.
Plenty Unlimited Inc. has filed for bankruptcy with plans to raise capital or sell, despite previously securing significant investment backing from Jeff Bezos and Walmart.
The South San Francisco-based vertical farming company is exploring either a sale of its assets or restructuring as it faces over $100 million in liabilities.
Plenty's prior investors, including SoftBank, have indicated willingness to inject up to $20.7 million in additional financing to keep operations afloat during restructuring.
Interim CEO Daniel Malech mentioned the company's strategic shift from its Compton farm to a new strawberry facility in Virginia, aimed at meeting high demand.
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